China is one of the world’s largest economies and its equity market, combining listings in Shanghai, Shenzhen and Hong Kong, is second only in value to the US. Yet the country remains notably absent from global indices.

China makes up only about three per cent of the MSCI AC World Index, for example, despite having the world’s second-largest economy. “China is the last great frontier. It is an incredibly large, diverse market and it will be important and impactful when it begins to be added to global benchmarks,” says Mat Lystra, director of international indexes methodology at Russell Indexes.

But a greater presence for China in indices is far from simple. This year, both FTSE and MSCI ruled out including A-shares, stocks incorporated in mainland China and denominated in renminbi.